Tejon Ranch Shows Net Income for 1st Quarter
Tejon Ranch Co., a Lebec company with operations in cattle, farming, oil and minerals, and highway leasing, said its net income for the first quarter ended March 31 was $281,000, in contrast to a loss of $100,000 a year earlier.
The company’s revenues climbed 74% to $2.59 million for the period from $1.49 million a year ago.
Tejon said its revenues grew because it sold cattle in January due to drought conditions at the time, and because of a sale of almonds previously held in reserve under a federally mandated marketing program. The company said that those factors, as well as lower water costs during the period, contributed to its net income.
But Tejon added that the first-quarter profit “is not necessarily indicative of expected earnings levels during the balance of 1991. Drought-related irrigation-water costs as well as drought-reduced cattle numbers could affect income levels for the balance of the year.”
About 32% of the shares of Tejon Ranch Co. are owned by The Times Mirror Foundation and Times Mirror Co., which owns the Los Angeles Times.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
